Gov. Michelle Lujan Grisham | Facebook
Gov. Michelle Lujan Grisham | Facebook
A bipartisan pension solvency bill has been signed onto and transformed into a law by Gov. Michelle Lujan Grisham.
The Public Employees Retirement Association (PERA) has an unfunded liability of $6.6 billion and this the Pension Solvency Bill aims to increase the money inflow in PERA account by encouraging contributions from public office holders and the state.
Grisham termed this bill as one of her key goals for the session.
“PERA was destined to go into bankruptcy if he hadn’t altered its course by reforming this bill," Grisham said.
Grisham had originally requested an amount of $76 million to be directed towards the proposed solvency, however, an amount of $55 million was approved by the law-making bodies.
While a number of organizations applauded the steps, a number of retirees expressed their opposition towards the Pension Solvency Law as they see it as a financial hurdle.
“It will make it even harder for us to be able to afford goods and services, including everyday necessities,” said one of the retirees.
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